Limits amount of residential rental property application fee; establishes penalty.

This bill caps residential rental application fees at $50 for most properties, prohibiting landlords or agents from charging more. Landlords violating this limit face a $1,500 penalty per offense, with $250 of each penalty returned to the tenant. The $50 cap automatically adjusts annually based on the Consumer Price Index (CPI) for the New York-Northern New Jersey area if inflation exceeds zero, and the fee limit does not apply to single-family or two-family homes. The bill also requires the Division of Consumer Affairs to create an online system for tenants to report violations.